Re: [TheOptionClub.com] Trade Triggers

 

this is just another opinion, pls dont take it as any rule. I use trade triggers to send me email alerts on my longer term interests. I also like to use strategy desk to alert me on my chart indicators. If I remember to start it up, then it runs during the day and alerts me of my signals from chart indicators which I programmed in their language. I just cant try setting up trades through an alert program. I would have to make the trades myself. Its probly some kind of psychological thing. Once I read that all the conductors were fired on the Chicago EL, and when I rode it I was really feeling paniccy. Then I heard only some were fired. As long as there is one human conductor driving, there is a feeling of trust. I rarely use market. I like to make a decision and wait to get the best price if possible.(limit order) Summary, I benefit from alerts, but not computer control, thats too technical. Strategy desk is a nice software - anyone using TOS should check it out. Ross From: metagunny <justin@gunther.com> Subject: [TheOptionClub.com] Trade Triggers To: OptionClub@yahoogroups.com Date: Saturday, March 13, 2010, 12:11 AM Does anyone have experience with TD Ameritrades trade triggers? I think I'm going to setup a trade trigger where if the SPY rises above my short strike, to just buy back the position. Questions: 1) Should I set it so if the bid rises above my short strike, buy back the position?  OR, if the bid rises above my short strike PLUS the premium received?  If I simply buy it back as soon as it hits the short strike, could I lose money? Of course, with the premium, when I graph it in options oracle, it shows a profit above the short strike.  However, I'm thinking if IV changes, then I could lose money even if I buy it back below the short strike. 2) Just to be safe, should I just select market order rather than limit order?  When placing trades, I always use limit orders and never use market orders.  However, I'm thinking for the trade trigger if it's a fast moving market or it jumps or if I calculate the limit price incorrectly, then it may not get filled. Will the market order always be placed at the ASK price if I'm choosing buy to close?  Or, does it end up being 5 cnets or 10 cents higher? ------------------------------------ The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source. To unsubscribe from TheOptionClub, send an email to: OptionClub-unsubscribe@yahoogroups.comYahoo! Groups Links <*> To visit your group on the web, go to:     http://groups.yahoo.com/group/OptionClub/ <*> Your email settings:     Individual Email | Traditional <*> To change settings online go to:     http://groups.yahoo.com/group/OptionClub/join     (Yahoo! ID required) <*> To change settings via email:     OptionClub-digest@yahoogroups.com     OptionClub-fullfeatured@yahoogroups.com <*> To unsubscribe from this group, send an email to:     OptionClub-unsubscribe@yahoogroups.com <*> Your use of Yahoo! Groups is subject to:     http://docs.yahoo.com/info/terms/

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The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source.

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